Net profit attributable to shareholders of 275 million euros ($307 million) was a little more than the 267 million euros expected in a Reuters poll and up from 249 million euros a year ago.

Net revenue rose 4 percent to 720.8 million euros, held back by lower equity volatility that helps generate turnover.

Gregor Pottmeyer, chief financial officer, called the quarter a “weak equity market environment”, but added that “earnings growth in the first quarter is in line with the guidance for the full year”.

Costs were down 1 percent from the previous year despite higher spending on investment and technology.

Theodor Weimer, who took over as chief executive at the start of 2018, has been seeking to open a new chapter after Deutsche Boerse became entangled in an insider trading scandal in 2017 and a planned merger with its London counterpart was scrapped.